Exelon (EXC) Q4 Earnings Surpass Estimates, Revenues Miss

Exelon Corporation’s (EXC - Free Report) fourth-quarter 2019 operating earnings of 83 cents per share surpassed the Zacks Consensus Estimate of 73 cents by 13.6%. Also, the reported earnings were 43.1% higher than the year-ago figure of 58 cents.

The year-over-year increase in earnings was due to rate increases at PECO, BGE and PHI, lower operating expenses, higher realized energy prices and decrease in nuclear outage days.

On a GAAP basis, its quarterly earnings were 79 cents per share compared with 16 cents in the year-ago quarter.

Exelon Corporation Price, Consensus and EPS Surprise

Exelon Corporation Price, Consensus and EPS Surprise

Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote

Total Revenues

Exelon's total revenues of $8,343 million lagged the Zacks Consensus Estimate of $9,231 million by 9.6%. The top line also declined 5.3% from the year-ago figure of $8,812 million. The year-over-year decline in revenues was due to lower contribution from Generation, BGE and ComEd businesses.

Highlights of the Release

Exelon's total operating expenses decreased 8.8% year over year to $7,394 million. The decline in total expenses was due to lower power and fuel costs, as well as operating and maintenance expenses.

Interest expenses were $395 million, down 5.1% from $416 million in the year-ago quarter.

The company efficiently served 0.9% and 1% more electric and natural gas customers, respectively, than 2018 levels.

Hedges

Exelon's hedging program involves safeguarding of commodity risks for expected generation, typically on a ratable basis, over a three-year period. The proportion of expected generation hedged as of Dec 31, 2019 was 91-94% for 2020 and 61-64% for 2021.

Financial Highlights

Cash and cash equivalents were $587 million as of Dec 31, 2019 compared with $1,349 million in the corresponding period of 2018.

Long-term debt was $31,329 million as of Dec 31, 2019 compared with $34,075 million in the comparable period of 2018.

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